An international analysis of CEO social capital and corporate risk-taking

被引：44
|
作者：
Ferris, Stephen P. [1 ]
Javakhadze, David [2 ]
Rajkovic, Tijana [3 ]
机构：
[1] Univ Missouri, Dept Finance, 404 F Cornell Hall, Columbia, MO 65211 USA
[2] Florida Atlantic Univ, Coll Business, Boca Raton, FL 33431 USA
[3] San Jose State Univ, Lucas Coll Business, San Jose, CA 95192 USA
来源：
EUROPEAN FINANCIAL MANAGEMENT | 2019年 / 25卷 / 01期
关键词：
corporate risk-taking; social capital; social networks; BOARD CONNECTIONS; SMALL WORLD; NETWORKS; FIRM; GOVERNANCE; OWNERSHIP; MATTER; COSTS; POWER; INSTITUTIONS;
D O I：
10.1111/eufm.12156
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the effects of CEO social capital on corporate risk-taking around the world. We document a significant positive relation between CEO social capital and aggregate corporate risk-taking. Further, we find that CEOs with large social capital prefer riskier investment and financial policies. We also determine that the effect of CEO social capital on corporate risk-taking is moderated by the extent of legal protections provided to shareholders, the financial development, and the culture of the country in which a firm is incorporated. Our results are robust to alternative proxies of risk-taking, alternative model specifications, and tests for endogeneity.
引用
收藏
页码：3 / 37
页数：35
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